ASIC modifies FSI ePayments code

ASIC has changed the ePayments code to allow financial service providers to deliver information to customers digitally by default.

The financial regulator’s modifications will mean that documents can be delivered electronically unless a customer opts out and elects to receive printed documents.

To comply with the changes, businesses need to provide an easy method for customers to provide and update electronic contact details. Users must also be able to request a paper copy of the information for seven years after the time it was given.

ASIC deputy chair Peter Kell said the changes will reduce the cost of printing and mailing for businesses while allowing consumers wishing to receive paper documents to continue to do so.

“Promoting the delivery of information in an electronic form is consistent with ASIC’s objectives, as well as the nature of payments governed by the code,” he said.

“ASIC encourages industry to harness the opportunities of digitisation and to adopt the use of more engaging forms of communication that can boost consumers’ understanding of financial services and products.”

The modifications are in line with similar changes made by ASIC to the Corporations Act in 2015.

Image courtesy of AJC under CC